Diesel Imports in the Mediterranean/Black Sea Region: Romania's Constanta Port Takes Leading Position, According to S&P
Diesel imports skyrocketed at Constanta Port, Romania's Black Sea jewel, by a whopping 2.5 times from 1.6 million tons in 2021 to a staggering 4.4 million tons in 2024. This transformation put Constanta at the forefront among Mediterranean and Black Sea ports, as revealed in an S&P Global report.
With the war in Ukraine heatin' up, it ain't no surprise that diesel demand keep on climbin' in Constanta. S&P Global's crystal ball ain't predictin' any slowdown in the foreseeable future.
The impressive surge in diesel imports from 2021 to 2025 paints a picture of rapid growth, and the present market fundamentals point towards a robust local consumption. This boom creates a solid foundation for Oil Terminal (BVB: OIL) and JT Grup Oil (BVB: JTG), who's busy buildin' a swanky new EUR 25 million diesel terminal at Constanta.
Before the war broke loose in February 2022, Ukraine was waxin' most of its diesel from Russia. With the war rage on and sanctions versus Russia, Kyiv had to find new pals for their fuel needs.
Poland, in the North-West European market, and Romania, in the Mediterranean/Black Sea market, stepped up to the plate as the new leading suppliers.
Latest S&P Global Commodities at Sea (CAS) data shows that diesel and fuel oil imports in Constanta totaled 4.4 million tons in 2024—up from 1.6 million tons in 2021. Over the 2021-2024 period, the grand total reached 12.2 million tons.
Compared to other major regional ports suckin' up large fuel quantities, Constanta easily came out on top. Lavera port in southern France (at Fos-sur-Mer) took second place with 3.9 million tons, followed by Slovenia's Koper port (3.4 million tons) and Italy's Venice (3.1 million tons).
Polish ports of Gdańsk and Gdynia also experienced a significant increase in diesel imports since 2021, followin' Constanta's trend. In 2021, combined diesel and fuel oil imports in Gdańsk and Gdynia amounted to 2.6 million tons, risin' to 3.9 million tons in 2024. Although the increase was substantial, it ain't as steep as the 3 million tons surge Constanta experienced over the past four years, according to S&P Global.
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With the escalation of the war in Ukraine, neighboring countries like Poland and Romania have seen a rise in demand for diesel due to Kyiv's dependence on new fuel suppliers. This trend is particularly noticeable in Romania's Constanta Port, where diesel imports have surged from 1.6 million tons in 2021 to a staggering 4.4 million tons in 2024, making it one of the largest fuel import hubs in the Mediterranean and Black Sea regions. As a result, businesses like Oil Terminal (BVB: OIL) and JT Grup Oil (BVB: JTG) are taking advantage of this boom by building a new EUR 25 million diesel terminal at Constanta. Other ports in the region, such as Lavera in France and Koper in Slovenia, also experienced an increase in diesel imports, albeit not as significant as Constanta's. The continuous boom in diesel consumption and imports has been confirmed by S&P Global Commodities at Sea (CAS) data, which shows that Constanta's diesel and fuel oil imports totaled 12.2 million tons from 2021 to 2024.
